It is vitally important to have the knowledge and ability to make good decisions that will protect your family and loved ones if there is an unexpected/untimely death, illness or accident.

For example, if you or your partner were unable to work would your household expenditure be covered? Lifetime’s specialists work with you to answer such ‘big questions’ and deliver solutions so that you have the right cover in place for yourself and your family.

We believe every individual and family deserves to understand the financial risks they face and the importance of protection.

Protection should be a key component in personal financial education – and any financial plan.

Many people start to think about their protection needs, life, critical illness and income protection, in an emergency. But have they planned for such situations?

But just what is Protection Insurance, and what are the key policies?

Protection Insurance provides financial protection to you or your loved ones if you were to become ill, unable to work or sadly pass away.

It is a sad fact that the impact of these events could substantially affect your finances and may mean you don’t have enough money to pay your usual outgoings, which could seriously affect your lifestyle and even your health and emotional wellbeing.

There are three main protection insurance products; Income Protection, Critical Illness Insurance and Life Insurance.

How much do they cost?

This will depend on your individual circumstances and on the amount you would want to be paid in the event of your death, injury or illness.

What does each of them provide?

Income protection pays you a regular income if you can’t work because of sickness or disability, and continues until you return to paid work, or you retire. It may help you maintain your lifestyle. Income protection insurance is also known as permanent health insurance.

Critical Illness Insurance can help you and your family while you deal with your illness and subsequent treatment. It pays out a lump sum if you meet one of the list of definitions that the insurer specifies, which include cancer, heart attack, stroke, organ failure, multiple sclerosis, Alzheimer’s disease and Parkinson’s disease.

Life Insurance is designed to provide financial support to your loved ones when you die. There are various types of life insurance. Some can pay out a set sum on your death, during a specified term, or there are policies designed to offer a decreasing amount of money to be paid, perhaps to tie in with a reducing mortgage loan.

Speak to Lifetime if you need help and assistance protecting yourself and your loved ones.